The Help Desk

How can you refinance an underwater mortgage?

I am trying to find a program that will help me refinance my home loan. I owe more than the house is worth. I have never been late on a payment and my credit score is really good. My current rate is 8% and no one will seem to refinance it for me. Is there any hope? — Jeff D.

Step one is to figure out what type of loan you MORE

Is my IRA protected by SIPC?

I have an IRA worth $225,000, which is mostly in cash at a well-known brokerage firm. I know SIPC covers up to $500,000 for brokerage firms with SIPC insurance, but I think it only covers $250,000 for cash values. Can I split my IRA to another firm? — Richard P.

Your total is currently below the $250,000 coverage limit on cash, so Securities Investor Protection Corporation insurance -- which protects assets MORE

How will my wife's Social Security change when I enroll?

My wife elected to take her Social Security benefit at age 62. Is her benefit adjusted upwards when I start taking my full Social Security benefit at age 66? What happens to her benefit if I pass away prior to electing my social security benefit? And what if I pass away after I have elected my full retirement benefit? — Ray G.

Yes, your wife's benefits can increase when you enroll MORE

Should I cash out my pension?

My company is offering a lump sum payout of my pension. The payout is $261,000 and can be rolled over to a traditional or Roth IRA. Will I have to pay taxes on a Roth rollover? If I don't take the payout, one option is to receive $1,577 monthly in a single-life annuity starting at age 60. I will turn 60 in December and my wife is one year younger. MORE

Is paying off a co-signed student loan considered a gift?

I am a co-signer of my daughter's private college loans for a balance of $65,000. I have been paying the minimum requirement each month but I have come to realize that she is unlikely to be able to pick up these payments on her own, so I will be paying these loans at an accelerated rate. Should I consider my payments a gift? Will this affect the student loan interest MORE